Svanberg said Hayward would be handing over day-to-day control of operations in the Gulf of Mexico to Bob Dudley, the managing director of the oil giant.

Though Svanberg agreed that Hayward was “pasted” Thursday in wooden testimony before a U.S. House committee, Svanberg said the CEO would remain for the time being.

“It’s clear Tony has made remarks that have upset people,” Svanberg said. Hayward had infamously complained “I want my life back” in a U.S. television interview on May 30, which prompted a formal apology.

“These investigations have just started and it’s hard to prejudge what the conclusions will be,” Svanberg added.

Svanberg shot back at Russian President Dmitry Medvedev, who told The Wall Street Journal Thursday that fallout from the April 20 explosion and subsequent spill could threaten the survival of the oil giant. On the eve of his first state visit to the U.S. next week, Medvedev questioned whether the Gulf oil spill might lead to the “annihilation” or breakup of BP.

The company does not yet know the full cost of the spill, Svanberg noted. BP announced Wednesday after meeting with President Barack Obama at the White House that it would set up a $20 billion fund to compensate victims of the disaster.

“I believe strongly in BP and I’m hopeful we will come through this,” he said.